Small investors make up a big bunch. Do they pack a punch too?
But, in terms of turnover , they too accounted for a mere 0.5% of total turnover or ₹7,450 crore. Their combined share as a percentage of total turnover was a mere 3.1%. But, at ₹11.06 trillion, they accounted for 74.6% of the total turnover of ₹14.82 trillion, the data showed. “The numbers indicate a growing presence of small, middle-class investors post the pandemic," said Alok Churiwala, managing director, Churiwala Securities. Sudhir Joshi, executive director, Khambatta Securities, said the smaller investments reflected the “lack of experience" of small investors who trade small quantities of shares via SIPs through mutual funds or brokerage houses.
Source:Punch
December 25, 2023 18:33 UTC
Co-creating value-driven offerings via Fintech
The sixth edition of the Nigeria Fintech Week has come and gone but the memory continues to linger. According to Barrow, the African Development Bank strongly believes that a resilient, innovative and diversified Fintech sector is key to accelerating economic transformation in Africa. Continuing, he stated “In April this year, I had the honour to sign a grant agreement with Mr. Segun Aina, President of the Africa Fintech Network, for $525,000 in support of the “Africa Fintech Hub” through the ADFI. Upon completion in 2025, it is envisaged that at least 70 percent of Africa Fintech Network members will actively use and benefit from this digital One-Stop-Shop online platform for all things fintech in Africa. Working together, the innovation potential and co-create value-driven offerings in the fintech industries can be unleashed on the continent and in Nigeria in particular.
Source:Nigerian Tribune
December 25, 2023 18:10 UTC
State Govts Propose Ambitious N15.91 Trillion Budget for 2024, with Lagos Leading at N2.25 Trillion
In the promising year of 2024, the nation’s 36 states, along with the Federal Capital Territory, collectively proposed a substantial budget of N15.91 trillion. President Bola Ahmed Tinubu’s earlier presentation of a N27.50 trillion budget in late November 2023, titled the Budget of Renewed Hope, is currently undergoing scrutiny and deliberation for final approval. Subsequently, each state’s governor presented their budgets to their respective state assemblies. A regional breakdown reveals that the Southwest led with N4.20 trillion, followed by South South: N3.43 trillion, South East: N2.29 trillion, North West: N2.50 trillion, North Central: N1.89tn, and North East: N1.60 trillion. Kogi presented a ₦258.28 billion budget, to be executed by the incoming governor as the current governor, Yahaya Bello, concludes his two terms in office in February 2024.
Source:Punch
December 25, 2023 14:16 UTC
Emefiele: I wasn’t involved in $6m withdrawal from CBN — Boss Mustapha
A former Secretary to the Government of the Federation, SGF, Boss Mustapha, has denied involvement in the alleged withdrawal of over $6 million from the Central Bank of Nigeria, CBN. His denial is coming in response to the publication of the report of the Private Investigator into the affairs of the CBN, Mr. Jim Obazee. “Throughout my career in public service, I have always upheld the highest standards of integrity and ethical conduct. “This is not just about me, it is about upholding the integrity of public service and safeguarding the reputation of those who have served this country with honour. “I trust that the Nigerian people will see through this orchestrated attack and recognise it for what it truly is; a desperate attempt to silence a voice of reason and integrity,” Boss Mustapha said.
Source:Punch
December 25, 2023 14:12 UTC
Eastern Michigan apologizes to South Alabama for player's punch that sparked brawl
An unidentified EMU played charged into the group and punched a South Alabama player in the back of the head. Another South Alabama player dragged the EMU player onto the field, sparking a free-for-all among members of both teams as smaller skirmishes also broke out. He apologized to the EMU community, the South Alabama team and its fans. Wetherbee said he had been in contact with South Alabama's athletic director and that Creighton had reached out to Jaguars coach Kane Wommack. South Alabama AD Joel Erdmann issued a statement Sunday saying he was disappointed in the postgame conflict, but was grateful that EMU “took ownership” of the confrontation and apologized.
Source:Punch
December 25, 2023 13:40 UTC
Emefiele: Beyond the sordid revelations
The report accused Emefiele of working in concert with a minister in the Muhammadu Buhari government, CBN officials and his proxies. In one account in the United Kingdom, the CBN allegedly lodged £543.48 million. But Nigerians are not impressed, as past revelations of massive corruption have mostly failed to result in commensurate convictions, or full recovery of diverted public funds. In Nigeria, corruption thrives on elite conspiracy, the compromised judiciary, and absence of political will by presidents. The larceny at the CBN must not go unpunished and all public funds must be fully accounted for.
Source:Punch
December 25, 2023 13:34 UTC
Oil revenue crashes by N289.6bn as output falls
Nigeria lost about N289.6bn crude oil revenue in November 2023 following a plunge in the country’s oil output last month, when compared to what it pumped in the preceding month of October. Meanwhile, further analysis of the NUPRC report showed that in January, February, March, April and May 2023, Nigeria’s crude oil outputs (excluding condensates) were 39,266,420 million barrels, 36,182,712 million barrels, 39,268,847 million barrels, 30,131,770 million barrels and 36,869,280 million barrels respectively. For the months of June, July, August and September 2023, the country pumped 37,827,842 million barrels, 33,761,767 million barrels, 36,615,125 million barrels and 40,396,863 million barrels respectively. Lokpobiri had also said the country has the capacity to increase crude oil production to two million barrels per day. The PUNCH reported on Friday that the dispute over crude oil production quota between OPEC and a few of its members eventually made Angola to exit the global oil cartel on Thursday.
Source:Punch
December 25, 2023 12:37 UTC
2024: I foresee president’s assassination, gov’s death, attempted takeover of Tinubu govt – Primate Ayodele
The leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has predicted the assassination of a sitting president and the death of a governor. Primate Ayodele also predicted that cabals would attempt to take over President Bola Tinubu’s administration. In a statement by his Media Aide, Oluwatosin Osho, Ayodele said: “Tinubu’s Government: I foresee the Cabals will want to take over the Tinubu government. Let us pray against coup in Africa or mounting pressure or an uprising that can lead to the removal of a sitting President. I foresee a sitting President will escape assassination.
Source:Punch
December 25, 2023 08:28 UTC
Tech Expert, Akindoye, shares insights on AI-driven future
The rise of AI is reshaping our world, challenging the essence of work as we know it. Through brain-computer interfaces (BCIs), our personal “digital twins” operate diligently while we sleep, perhaps even engaging in activities like trading. Where will humanity derive purpose and meaning without the anchor of traditional work? “Imagine waking to the gentle hum of your AI companion, updated on the latest news or brewing your favorite coffee. Dignity Beyond Labor, If work no longer defines us, where do we find new sources of self-worth and purpose?
Source:Nigerian Tribune
December 25, 2023 04:06 UTC
Emefiele’s proxy-run TTB denies fraudulent Union Bank acquisition
Titan Trust Bank has blasted the Central Bank of Nigeria investigator, Jim Obazee-led panel over the report of the apex bank’s activities. The new generation bank claimed that there was no fraud in the acquisition of Union Bank. Recall that the Obazee-led panel had, on Wednesday, submitted the report of investigations into the acquisition of Union Bank and Keystone Bank to President Bola Tinubu in two separate letters dated December 20, 2023. The report of the special investigation had accused Emefiele, of using proxies to acquire Union Bank for Titan Trust Bank Limited, as well as Keystone Bank without any evidence of payment. In his letters to the president, Obazee said he had completed his investigation into the illegal acquisition of Union Bank by Titan Bank, and was on the verge of recovering the two banks for the federal government.
Source:Punch
December 24, 2023 20:56 UTC
EFCC uncovers N37bn fraud in humanitarian ministry, indicts Buhari’s minister, contractor
The Economic and Financial Crimes Commission has uncovered a total sum of N37,170,855,753.44 allegedly laundered in the Ministry of Humanitarian Affairs under former minister Sadiya Umar-Farouk. He is also linked with 143 bank accounts in 12 commercial banks in which 134 accounts are corporate accounts linked to different companies. Umar-Farouq was the pioneer Minister of Humanitarian Affairs, Disaster Management and Social Development. “The monies were sent to 38 bank accounts domiciled in five legacy commercial banks. Nigerians deserve to know what happened in the aviation sector, Ministry of Humanitarian Affairs and Disaster Management, and other sectors.
Source:Punch
December 24, 2023 18:50 UTC
Nnamdi Kanu’s Family Expresses Gratitude to Supporters for IPOB Leader’s Cause
The family of Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), has extended its appreciation to various entities for their unwavering support since Kanu’s arrest in Kenya and subsequent detention in Abuja since June 2021. In a statement issued on Sunday by Kanu’s younger brother, Prince Kingsley Kanunta Kanu, the family expressed gratitude to Ohanaeze Ndigbo Worldwide, the Joint Body of Southeast Traditional Rulers, bishops, archbishops, and certain Southeast governors and members of the National Assembly. The statement acknowledged the exceptional dedication and support from civic and political leaders in the Southeast, recognizing their commitment to seeking Nnamdi Kanu’s release and addressing the injustice of the case. The family particularly thanked Ohanaeze Ndigbo, the Joint Body of Southeast Traditional Rulers, bishops, archbishops, Southeast governors, and members of the National Assembly for their constant interventions, both overt and covert. They expressed genuine gratitude for the remarkable efforts and unwavering support, anticipating a positive outcome from the collective interventions.
Source:Punch
December 24, 2023 17:20 UTC
Full speech: President Tinubu’s Christmas message to Nigerians
For Christians, this time of the year marks the birth of Jesus Christ and celebrates the hope and redemption that are the hallmarks of Christ’s life. And I am aware that the necessary reforms we are implementing to achieve a more prosperous, peaceful nation for all have imposed unique sacrifices. Be confident that by the strength of our joint endeavour, we will shortly emerge into a new dawn of prosperity, peace, and irreversible progress. And let us together commemorate the memory of those who, in their service, have paid the highest price for our nation. Let the light of Christmas guide our paths as we bring this year to a close and usher in the new year.
Source:Nigerian Tribune
December 24, 2023 16:54 UTC
Stop using my office to issue fake appointments — SGF
The Secretary to the Government of the Federation, Senator George Akume, has warned against the use of his office to issue fake appointments to members of the public. Akume gave the warning in a statement released on Sunday by the Head of Information, Office of the SGF, Mr Segun Imohiosen, in Abuja. He said the warning was because of the purported fake appointments emanating from the SGF office by unscrupulous elements to swindle unsuspecting individuals. The SGF, therefore, warns peddlers of such fraudulent requests to desist forthwith from using the Office to fleece unsuspecting members of the public or face the full wrath of the law. The News Agency of Nigeria reports that the SGF had earlier in the month given the same warning to unsuspecting members of the public.
Source:Punch
December 24, 2023 12:40 UTC
How generative AI is changing social media content
An AI information site, Tech Target, states, “Generative AI was introduced in the 1960s in chatbots. Investment in generative AI surged during the early 2020s, with large companies such as Microsoft, Google, and Baidu as well as numerous smaller firms developing generative AI models.”Some of the goals of AI technology include reasoning, problem-solving, knowledge representation, planning, decision-making, social intelligence, machine learning, and language processing. Aside from social media content creators, educationists, architects, healthcare providers, entrepreneurs, artists, engineers, farmers, manufacturers, and security operatives also utilise AI tools. “Generative AI is reshaping social media content by automating the creation of diverse and engaging materials. From text generation to image synthesis, it empowers users and platforms to produce content efficiently, fostering creativity and streamlining content creation processes.
Source:Punch
December 24, 2023 12:38 UTC